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To close a time period select the 'Close' button next to the time period. The time period will be removed from the current open time periods area and re-displayed in the closed time periods section of the screen.

NOTE: Closing a time period is a trigger for an automatic accounting transaction as follows:

Transaction Type

Triggered By

Accounting Entries Generated

Comments

Period Closing

Close Time Period

DR ?????????? (based on GL account default for Profit Loss mapping)
CR 336000 Retained Earnings

NOTE: The GL account default for Profit Loss is not part of the demo data setup so the transaction will not automatically post but will be put in the ERROR_JOURNAL as an unposted transaction.
The transaction value is zero for both sides of journal...Even if it does have a value do we want to
move it from P&L to Equity during the financial year? Normally this is done once at the end of the financial year????


TO CHECK: What happens if you have a transaction that needs to be posted to a closed time period...??

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